MILAN :Telecom Italia on Wednesday opened the door to a spin-off of its prized infrastructure assets, saying its newly appointed chief executive would explore options to create value for shareholders.
Under fire after a string of profit warnings, former CEO Luigi Gubitosi quit in November, a week after KKR tabled a 10.8 billion euro non-binding bid to take the group private, to which TIM never responded. As Italy's biggest telecoms infrastructure, TIM's network is deemed strategic by Rome, which is keen to boost connectivity for businesses and households.
No other phone incumbent in Europe has completed a full-blown separation of network from services, but analysts increasingly see it as the only way for debt-laden TIM to invest in the upgrade of its dated infrastructure. "The CEO highlighted the need to ... focus on the enterprise services such as cloud, Internet of Things and cybersecurity," TIM said.
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